NEO Price Analysis NEO / USD: 3.0 Time Lucky

• NEO has a bullish short-term outlook, with the cryptocurrency recovering above its 200-period moving average on the four-hour time frame
• A large inverted head and shoulders pattern has formed on the four-hour time frame
• The daily time frame is also showing a large bullish pattern

Fundamental Analysis

NEO has gained bullish momentum after the company released an upgraded consensus mechanism ahead of schedule. The platform is planning to move to a new blockchain, NEO 3.0, in 2020 and is currently working on increasing its global presence.

In February, the company opened a regional office in Seattle, Washington led by former Microsoft executive John deVadoss, and is planning to attract more developers to its platform in order to make the NEO blockchain competitive and developer-friendly.

NEO / USD Short-term price analysis

NEO has a bullish short-term trading outlook, with the cryptocurrency rebounding strongly from its 200-period moving average on the four-hour time frame.

The four-hour time frame is showing that a bullish inverted head and shoulders pattern has been created, with the NEO / USD pair attempting to move back towards neckline resistance.

Technical indicators on the four-hour time frame are bullish and continue to issue a strong buy signal.

 

NEO / USD H4 Chart by TradingView

 

Pattern Watch

Traders should note that a major technical breakout will occur if bulls can successfully break neckline resistance and trigger the bullish pattern.

Relative Strength Index

The RSI indicator is also bullish on the four-hour time frame and is issuing a strong buy signal.

MACD Indicator

The MACD indicator has turned bullish on the four-hour time frame and is starting to generate a buy signal.

NEO / USD Medium-term price analysis

NEO has a bullish medium-term outlook, with the cryptocurrency continuing to trade above its trend defining 200-day moving average.

The daily time frame is showing that an inverted head and shoulders pattern has formed, with the September 2018 trading high the overall upside of the bullish pattern.

Technical indicators on the daily time frame are still bearish, although they are attempting to recover higher.

 

NEO / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that an even larger inverted head and shoulders pattern will form if the NEO / USD pair trades towards the September 2018 trading high.

Relative Strength Index

The RSI indicator remains bearish on the daily time frame, although it is attempting to recover.

MACD Indicator

The MACD indicator on the daily time frame is still bearish and continues to issue a sell signal.

Conclusion

The bullish inverted head and shoulders patterns across both time frames highlight that the NEO / USD could be close to a major technical breakout.

If bulls can ignite the large bullish patterns, the NEO / USD could soar towards levels not seen since September 2018 and start to form an even larger bullish pattern.

 

For a quick look into NEO, check out our coin guide.

NEO ChartChart byCryptoCompare #ccpw-ticker-24549 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24549 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24549 a.tabperiods.tabperiods_active, #ccpw-ticker-24549 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24549 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24549 .coin-container:after, .ccpw-container_four #ccpw-ticker-24549 .coin-container:after {border-color:#ccc !Important;}

 

The post NEO Price Analysis NEO / USD: 3.0 Time Lucky appeared first on Crypto Briefing.